Liquidity Relative Value (Long/Short)

Actively managed strategy that seeks to maximise total return on a risk-adjusted basis by investing in relative value opportunities within sectors of the U.S. or Global fixed income market that are considered to be liquid. The Strategy can be managed in a U.S. or Global mandate. Both are designed to have no correlation with major beta sources. In managing the strategies, PGIM Fixed Income employs six sub-strategies, including Treasury Optimal, Treasury Relative Value, Mortgage-Backed Securities Relative Value, Swap Relative Value, Futures Relative Value, and Spread Trading.

Emerging Markets Debt (Long/Short)

Actively managed strategy that seeks to maximise total return in excess of 3-month LIBOR on a risk-adjusted basis by utilizing multiple strategies primarily within the emerging markets debt sector and investing primarily in sovereign, quasi-sovereign and corporate bonds of emerging market issuers in hard and local currencies. In managing this Strategy, PGIM Fixed Income may also invest in derivatives, including credit default swaps, index products, currency forwards, options, and futures contracts, for investment or hedging purposes. The Strategy centers on relative value and directionally driven trades, including sovereign and corporate long/short positioning, credit curve positioning and local currency versus hard currency exposures with dynamic hedging of systemic risk.

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